Credit, Collections & Insolvency News
Court Enforcement Services have appointed Joe Chapman as Enforcement Manager. Chapman joins Court Enforcement Services from Marston. For the last 6 years, he worked as one of their on-street audit and fraud investigators. Chapman is also a certificated Enforcement Agent with a wealth of on-street experience. Chapman will report directly to Daron Robinson, Operations Director. Robinson…
Read moreThe European Commission’s new Directive on corporate insolvency reform is a welcome step towards improving business rescue procedures across Europe, says insolvency and restructuring trade body R3. R3 adds that the UK’s world-class insolvency and restructuring regime already meets many of the standards in the new Directive, while the government is currently carrying out its own…
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New rules which will guide insolvency practice from April 2017 have been published. Modernised and consolidated insolvency rules have been laid in Parliament and will come into force on 6 April 2017. The new rules replace the Insolvency Rules 1986 and their 28 subsequent amendments. They have been developed working with the insolvency profession and have…
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Research from the Federation of Small Businesses (FSB) has revealed that late customer payments are costing the UK economy £2.5billion a year, and are leading to 50,000 SME closures annually. Aamar Aslam, CEO of alternative lending firm Funding Invoice has commented on the news, urging the government to appoint the long-awaited Small Business Commissioner, promised…
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Duff & Phelps has announced that Phil Dakin is joining the firm’s Restructuring Advisory practice as a Managing Director in its London office. Dakin brings more than 15 years’ experience in the corporate restructuring and insolvency sector, having advised companies on procedures including independent business reviews, operational and financial restructuring, and formal insolvency appointments. Dakin…
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The Chartered Institute of Credit Management (CICM) has urged more support for Code in driving better payment practice. A business leader and expert in late payment has welcomed the report from the Federation of Small Businesses (FSB) into the impact of poor payment practice but challenged a proposal that signatories to the Prompt Payment Code (PPC) should…
Read moreAldermore, has made several new appointments to its Business Finance Risk Management function. Jerry Barrie has been appointed as Head of Asset Management. Barrie assumes responsibility for the monitoring and evaluation of the Bank’s asset finance portfolio and collateral. Prior to joining Aldermore, Jeremy worked in asset management at CIT Vendor Finance, a commercial and…
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Zopa has announced plans to launch “Next Generation” Bank Banking licence will lead to extended range of savings and borrowing products, their intention to launch a bank to enhance their market-leading peer-to-peer business. The application for a banking licence will be made to the Prudential Regulation Authority (PRA), and the Financial Conduct Authority (FCA). Jaidev…
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Rob Lankey has been appointed as Interim Chief Executive Officer of the NACFB following the announcement on the 28th October 2016 that Adam Tyler is standing down after 11 years at the helm. Lankey starts with immediate effect to assist with the handover. Lankey, who left Aldermore at the end of June 2016 after nine…
Read moreThe Government’s efforts to tackle the UK’s late payments culture have so far failed to protect hundreds of thousands of small and medium-sized enterprises (SMEs) from exploitative customers who fail to pay their bills on time, Close Brothers Invoice Finance has warned. The Close Brothers Business Barometer, the quarterly survey of SME sentiment on a…
Read moreThe latest figures released by the Finance & Leasing Association (FLA) show that asset finance new business (primarily leasing and hire purchase) grew by 12% in September, compared with the same month last year – the thirty-sixth consecutive month of growth. In Q3 2016, new business was also up by 12% compared with the same…
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Supermarket giant Tesco has the worst payment performance amongst a list of the UK’s best-known retailers, taking an average of 105 days beyond terms to pay its suppliers. Iceland and Debenhams were the next two retailers on the list, taking an average of 75 days and 73 days beyond terms respectively to pay their suppliers.…
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Jim Tucker and Richard Beard of KPMG LLP were appointed joint administrators of American Apparel (UK) Ltd and American Apparel (Carnaby) Ltd The companies run the UK retail and wholesale operations of the US branded high street fashion retailer American Apparel. The UK business trades from 13 stores. American Apparel’s brand and US business is…
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